What is the Nevsun class action about?
Who is included in the settlement?
What if I purchased Nevsun shares on the TSX and the NYSE?
Who is a Class Member?
What is the Class Period?
Who is an Excluded Person?
Who are Class Counsel?
How did the settlement come about?
How can I find out more about the Settlement Agreement?
Has the Court approved the Settlement Agreement?
How has the public been notified about the settlement?
Who should register a claim for compensation under the settlement?
Do I want to participate in this settlement?
If I want to opt-out how do I do it?
How do I take part in this settlement?
What is the Claims Bar Deadline?
Do I have to pay to take part in this settlement?
Can I amend my claim after it has been submitted to the Administrator?
Who is the Administrator?
What does the Administrator do?
How was the Administrator appointed?
How do I contact the Administrator?
When will I find out about the Administrator’s evaluation of my claim?
If I disagree with the Administrator’s evaluation of my claim, what do I do?
Who is the Referee and what does the Referee do?
What is the cost of having a Referee review the Administrator’s decision of my claim?
When will Class Members receive compensation from the Settlement Fund?
In 2012, a proposed class action was commenced against Nevsun Resources Ltd. (“Nevsun”) and certain others. The plaintiffs allege that the defendants knew, or ought to have known, that the stated gold reserves at the Bisha mine were materially overstated. The action was certified on consent as part of the settlement of the action.
The settlement includes anyone, other than certain people who are associated with the defendants, who acquired Nevsun shares (other than shares that traded on the New York Stock Exchange or other U.S. exchanges) during the Class Period, and held some of those shares at the close of trading on the TSX on February 6, 2012.
The Canadian settlement includes people who acquired Nevsun shares that traded on the TSX and any other exchanges, other than the New York Stock Exchange or other U.S. exchanges.
A separate class action was commenced in the U.S. on behalf of people who acquired Nevsun shares on the New York Stock Exchange and other U.S. exchanges. The settlement approval hearing will take place in January, 2015.
Provided the class action settlement is approved in the U.S., people are able to participate in both the Canadian and the U.S. settlements if they bought shares in Canada and the U.S. during the relevant periods.
The “Class” or “Class Members” means all persons, other than Excluded Person and an Opt-Out Party, who acquired Shares during the Class Period and held some or all of those Shares at the close of trading on the TSX on February 6, 2012.
The Class Period commences on March 31, 2011 and ends on February 6, 2012.
“Excluded Person” means:
- the Individual Defendants;
- Nevsun’s past or present subsidiaries, affiliates, legal representatives, predecessors, successors and assigns;
- any person who was an officer or director of Nevsun during the Class Period;
- any immediate member of the Individual Defendants’ families; and
- any entity in which any of the above person has or had during the Class Period any legal or de facto controlling interest.
Class Counsel are the lawyers for the Class Members in the action. Class Counsel’s contact information is:
Sutts, Strosberg LLP
600-251 Goyeau Street
Windsor, ON N9A 6V1
Tel: 800.229.5323 ext 8296
|Joseph GroiaGroia & Company LLPC
365 Bay Street, 11th Floor
Toronto, ON M5H 2V1
Law Office of Andrew J. Morganti, JD, LL.M.
300-1400 Yonge Street
Toronto, ON M5C 1X6
Through negotiation, a settlement was reached. The defendants do not admit any wrongdoing or liability on their part. The settlement is a compromise of disputed claims.
Copies of the Settlement Agreement, the Plan of Allocation, the Approval Order and the Notice summarizing this settlement may be downloaded from the Documents page of this website.
The settlement has been approved by the Court.
Class Members were first notified of this settlement during a court approved notice program prior to the date of the hearing in which the approval of the Settlement Agreement was sought. Following the approval, a similar notice program was distributed. The Settlement Agreement, and the Notice summarizing the settlement, can be downloaded from the Documents page of this website. In addition to these methods of notice, the notice will be electronically transmitted to broker/dealers for dissemination to their clients and mailed to Class Members identified by TMX Equity Transfer Service and Broadridge Financial Solutions Inc. as having an interest in the Nevsun shares.
Persons, other than the Excluded Persons, who purchased Nevsun shares during the Class Period and held some or all of those shares on February 6, 2012, should register a claim.
If you want to participate in the distribution of compensation as a result of the settlement you should file a claim.
If you do not want to participate in the settlement you must file an opt-out form, a copy of which form can be downloaded from the Documents page of this website.
You must send by registered mail or certified mail a properly completed opt-out form on or before January 13, 2015 at 5:00 p.m. (Eastern) as follows:
Gregory D. Wrigglesworth
Kirwin Partners LLP
423 Pelissier Street, Windsor, ON N9A 4L2,
Attention: Nevsun Class Action
To be eligible to take part in this settlement, Class Members must submit a Claim Form and all required supporting documents to the Administrator no later than 5:00 p.m. (Eastern) on March 16, 2015. Click here to reach the Claims System and begin the claims submission process.
If you do not have a computer with Internet access, you can file a paper claim form. Paper claim forms are available from the Administrator.
The Claims Bar Deadline is the final date to file a claim for compensation pursuant to this settlement.
In order to be eligible for compensation, Class Members must submit their claim to the Administrator no later than March 16, 2015. The Administrator must be in receipt of the signed Claim Form and all supporting documentation (the “Claim Package”) on or before the Claims Bar Deadline.
There is no cost to Class Members to register a claim and receive compensation from the settlement funds as Class Counsel’s fees, disbursements and taxes, and the costs of the settlement administration have been approved and will be paid as a first charge on the settlement amount.
The claim may be amended, at any time prior to the Claims Bar Deadline, until it has been certified and submitted to the administrator for review. After that, only contact information may be amended.
Marsh Risk Consulting Canada has been appointed by the court to administer the settlement.
The Administrator is responsible for overall management of the administration of the settlement including: Class Member claim registration; document collection; communications; help desk management; reminders; form transmission; claim management; claim evaluation; analyses; notifications; reporting; appeal procedures; processing of materials to and from the Referee; distribution analyses; Settlement Amount and audit control; and Class Member payout.
The Administrator was appointed by the Court.
The Administrator may be contacted using the Claims System, and by email, phone, fax and mail. Click here for the Administrator’s contact information.
The Administrator will complete the evaluation of all claims after the Claims Bar Deadline. Each claimant will receive notice of the results of this evaluation.
The Plan of Allocation includes a procedure for Class Members to dispute decisions of the Administrator. Class Members may bring the dispute before a Referee appointed by the court for that purpose.
Gregory Wrigglesworth of Kirwin Partners LLP has been appointed by the court to serve as Referee for this administration. It is the Referee’s job to review any disputes arising from a decision of the Administrator concerning eligibility or the amount of compensation.
A review by the Referee may be requested by delivery of a written submission setting out the basis for the dispute including all relevant documents; this request must be made within 15 days of receipt of the Administrator’s decision. In order to initiate a Referee review, Class Members are required to pay a deposit of $150. If the Class Member is in any way successful on the Referee review, the $150 deposit shall be returned to the Class Member, but if totally unsuccessful, the $150 deposit shall become part of the net settlement amount. Payment for a Referee review can be made by certified cheque or money order, payable to the Settlement Administrator.
As soon as practicable after the completion of the claims and review processes, the Administrator will ask the court for authorization to distribute the net settlement funds to the Class Members. The distribution will occur following court approval of the distribution plan.